“A strong life insurance sector can play a vital role in Australia’s safety net and address the nation’s twin policy challenges of an ageing population and soaring healthcare costs”. Kent Griffin, co-chair, Council of Australian Life Insurers.
Money magazine is pleased to announce its inaugural Life Insurance awards, identifying the 16 best policies available to consumers covering life, death, total permanent disability, income protection, trauma and funeral insurance.
It also identifies the seven best life insurers across the most popular life insurance categories.
About 28.5 million insurance policies were issued to Australians as of June 2024 (APRA). Of these, about 75% were obtained through a superannuation fund, 10% were purchased directly and 12% were accessed through a financial adviser.
Responding to this uniquely Australian market, the 2025 Money Life Insurance Awards recognise the leading insurers in three categories:
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Insurance within superannuation
Award: Best-Value Insurance in Super
Winner: Equip Super + Metlife
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Direct Life Insurance
Award: Best-Value Direct Life Insurance
Winner: TAL
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Advised Insurance
Award: Life Insurer of the Year - Advised
Winner: TAL
All 23 awards are included in the April edition of Money magazine, on sale now.
Michelle Baltazar, editor-in-chief of Money says the platform has done the leg work for readers facing a cost-of-living crisis. “While premiums have gone up due to inflation and market conditions, there are plenty of competitive offerings out there that can help Money readers save on their annual insurance costs,” she said.
According to the Council of Australian Life Insurers, only 34% of Australians have life insurance. “Cost-of-living expenses have forced many Australians to put insurance at the bottom of their priority list, but we think there should be more education around how insurance works, and what are the best products in the market, so people aren’t necessarily disadvantaged when the unexpected happens,” says Baltazar.
Accordingly, the April issue offers readers information on the five steps to choosing an insurer, how to get the best insurance deal and peels back the layers to reveal how the insurance industry works.
To encourage leadership in life insurance, and alert readers to the year’s best-value policies and outstanding insurers, Money will publish the full list of Life Insurance award winners in its April issue annually.
And to further encourage excellence in the industry, Money hosted an evening with the award winners. This year, the event was held at Sky Bar, Shell House, Sydney with 80-plus attendees.
The Money Life Insurance awards are underpinned by data provided by Rainmaker Information (Insurance within super) and Plan for Life (Direct and Advised). Rainmaker Information analysed more than 11,000 death/TDP and income protection insurance offerings from superannuation funds. To establish the best-value direct life insurance, Plan for Life analysed more than 25 products offered by eight issuers. To find the award winners for the advised categories, Plan for Life benchmarked life insurance products covering death, TDP, trauma and income production issued by 10 life companies.
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